Premier African Minerals Postpones Zulu Project Plant Restart Amid Ongoing Canmax Long Stop Date Negotiations

Zulu Project Operations Delayed Pending Canmax Long Stop Date Agreement

Premier African Minerals has confirmed it will not resume plant operations at the Zulu Lithium and Tantalum Project during July 2026 as previously expected. This update follows ongoing, described as "constructive," negotiations with Canmax Technologies Co., Ltd regarding an extension of the Long Stop Date under the company's current prepayment and offtake agreements. Managing Director Graham Hill stated that operations will recommence only once these negotiations conclude and agreed terms are formally communicated to shareholders.

Subject to reaching an agreement on the Long Stop Date extension, the company plans to initiate the continuous operating campaign promptly thereafter. A revised operational timetable will be shared with shareholders once discussions with Canmax are finalized. This delay marks a significant revision to the company’s earlier operational schedule, underscoring the importance of securing the extension to maintain project financing and commercial arrangements.

Engineering Enhancements and Optimisation Following June Processing

During June 2026 processing at Zulu, Premier African Minerals identified several opportunities to improve plant operability and reliability. The engineering team has since implemented modifications, upgrades, and maintenance activities throughout the processing plant as part of a comprehensive optimisation programme. Specific details regarding these improvements and their expected impact on plant performance have not been disclosed.

The Board’s decision to continue mining and stockpiling while deferring plant restart reflects a strategic focus on building adequate ore inventory on the ROM pad. This approach aims to maximise resource utilisation and enhance the value of the next sustained optimisation campaign. The company will provide updates on ROM stockpile levels alongside the revised operational timetable. This stockpiling phase also allows engineering optimisations to proceed without the pressures of concurrent production.

Canmax Reviews Technical Progress and Upgraded Flotation Circuit

Canmax Technologies is currently evaluating the latest operational and commissioning data from the upgraded flotation circuit at Zulu, alongside broader technical advancements at the project. This assessment forms part of Canmax’s due diligence regarding the potential extension of the Long Stop Date. The review indicates a thorough examination of Premier African Minerals’ operational capabilities and the project’s technical viability before committing to an extension.

While Premier African Minerals remains optimistic about a favorable outcome, the company cautions that "there can be no guarantee that an extension will be agreed or, if agreed, on what terms." Investors are encouraged to review the company’s announcements dated 5 January 2026 and 26 June 2026 for further details on the Long Stop Date and related prepayment and offtake arrangements.

Long Stop Date Extension Vital for Strategic Investor Engagement

The proposed extension of the Long Stop Date, combined with successful completion of the upcoming production and optimisation phase, is viewed as essential for demonstrating sustained plant performance. This demonstration aims to support Premier African Minerals’ engagement with potential strategic investors concerning the ongoing development and operation of the Zulu project. Consistent operational performance is expected to strengthen the company's position in discussions about capital partnerships and investment opportunities.

This announcement highlights the critical role of the Canmax partnership in Premier African Minerals’ development strategy. Securing continued offtake agreements and financing support is central to advancing towards commercial production and scaling operations. The company commits to providing further updates once negotiations conclude or upon any material developments, signaling ongoing communication for investors.

Multi-Commodity Portfolio Focused on Zimbabwe’s Mineral Wealth

Premier African Minerals operates as a multi-commodity mining and natural resource development company in Southern Africa, with a focus on Zimbabwe. Its portfolio includes the Zulu Lithium and Tantalum Project and the RHA Tungsten project, among other mineral interests. This diversified commodity approach positions the company to benefit from varying market cycles and dynamics, requiring specialized technical expertise and market knowledge for each mineral.

The project portfolio spans brownfield assets with near-term production potential and grassroots exploration properties, reflecting a long-term strategy to build productive capacity while maintaining growth optionality. Zimbabwe’s rich geology and mining heritage provide attractive opportunities for lithium, tantalum, tungsten, and rare earth element development, albeit with operational and jurisdictional challenges.

Market Abuse Regulations Compliance and Governance

The company has designated this operational update as inside information under Market Abuse Regulations (EU) No. 596/2014, incorporated into UK law via the European Union (Withdrawal) Act 2018. This designation emphasizes the announcement’s significance to shareholders and its potential impact on market pricing and investor decisions. Managing Director Graham Hill arranged the release of this announcement on behalf of Premier African Minerals.

Compliance with MAR ensures that material corporate developments are communicated simultaneously and fairly to all shareholders, preserving market integrity and investor confidence. This announcement confirms the company’s adherence to these regulatory obligations and provides shareholders with timely information affecting their investment.

Operational Timeline Uncertainty and Revised Scheduling

Extended negotiations with Canmax regarding the Long Stop Date extension have introduced uncertainty to Premier African Minerals’ operational timeline. The originally targeted July 2026 plant restart has been deferred pending finalisation of these arrangements, which are critical to supporting the next production campaign.

A revised schedule for the production and optimisation campaign will be announced once discussions conclude. The absence of a disclosed timeline means the exact timing of the plant restart remains uncertain. The company’s alignment of operational commencement with contractual negotiations underscores the Canmax agreement’s importance to project financing and commercial viability. Ongoing management updates will be vital for shareholders seeking clarity on near-term project developments.

Forward-Looking Statements and Associated Risks

The announcement contains forward-looking statements concerning future growth, operational results, capital expenditures, competitive advantages, business prospects, and opportunities. These statements use terms such as "believe," "could," "should," "envisage," "estimate," "intend," "may," "plan," and "will," or their negatives. They are based on current expectations and assumptions but involve significant risks that may cause actual outcomes to differ materially.

Key risks include exposure to economic and business conditions, competition, environmental and regulatory changes, governmental actions, capital market availability, reliance on key personnel, uninsured losses, and other factors largely beyond the company’s control. While Directors consider their assumptions reasonable, Premier African Minerals cannot guarantee actual results will align with forward-looking statements. This risk disclosure aligns with standard practice for exploration and development-stage mining companies, highlighting inherent sector uncertainties.

Contact Details and Nominated Adviser Information

Enquiries can be directed to Graham Hill at Premier African Minerals Limited via telephone +27 (0) 100 201 281. The company’s nominated adviser is Beaumont Cornish Limited, authorised and regulated in the UK by the Financial Conduct Authority. Contact persons are Michael Cornish or Roland Cornish at +44 (0) 20 7628 3396. Beaumont Cornish has not authorised the contents of this announcement and accepts no liability for its accuracy or omissions.

Beaumont Cornish’s responsibilities as nominated adviser are owed to the London Stock Exchange rather than the company’s directors or shareholders, reflecting standard AIM market regulatory arrangements. The full announcement is available at www.premierafricanminerals.com, where investors can access further information on the company’s projects and strategy.